Oil prices continue to rise

West Texas Intermediate, the USA benchmark for the price of oil, was up 0.94 percent to $62.31 per barrel.

In the Singapore market, oil dipped last Wednesday, squeezed by lingering oversupply including rising U.S. inventories and ample physical flows, though the prospect of Saudi output dropping in March, economic growth hopes and a weaker dollar all combined to cap losses. The cut has recently been confirmed with 133 percent compliance, though US overproduction is threatening to weigh prices to the downside. The American crude is strengthening versus the Middle East marker as a combination of new pipeline options, a rail auto crunch, demand from Gulf Coast refineries and a thirst for U.S. supply from overseas means less is being hoarded. Should they continue their path of contributing to the global glut, allowing oil prices to remain low, breaking pacts, fostering mistrust with economic superpowers, and ramping up production just as the nation's biggest importers fall back, no one will be surprised if the next few years are tough for Nigerian oil.

The NBK note by senior economist Omar Al-Nakib said that the recent rise in oil prices had been supported the OPEC/ non-Opec deal to curb supply, as well as "robust oil demand, supply outages, heightened geopolitical risk premia and, up until recently, a weakened United States dollar".

A strengthening dollar, which hit a six-day high, however, weighed on oil prices. The greenback also gained against the dollar to trade at $1.2339. This made WTI futures extend their gains well above $60 per barrel levels and the counter is now up 1.28% at $62.35 per barrel.

The first is to embrace the adoption of renewable energies, the second is to leverage natural gas (including shale) reserves, and the third "and possibly most important" action is to expand down the value chain, it said, using hydrocarbons to produce higher value products such as petrochenicals, and to undertake industrial activities, such as metals smelting, which require lots of energy use. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.

The most active U.S. crude futures contract for delivery in April was up 68 cents, or 1.1 per cent, at $US63.23 a barrel. Volumes were massive with 39.4m ounces of April delivery gold traded.

Year-over-year, all prices increased on average by 2.1 percent.

Selling pressure could resume if hedge fund investors decide to continue liquidating their previously created long positions. New data from the World Gold Council shows ETF vaults now hold around 2,396 tonnes or 77m troy ounces after net inflows in January of 27.6 tonnes, growing total global assets under management by 5pc.

Non-OPEC stocks outside North America are also believed to decline this year and the next.

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